The AI token Bittensor (TAO) experienced a 20% drop in value within 24 hours of being listed on Binance, trading at $572. Bittensor is a peer-to-peer machine learning protocol that incentivizes participants to train machine learners across a decentralized network of nodes. The project aims to create a collaborative and open-source AI training ecosystem to rival centralized systems used by companies like Google and IBM. Bittensor uses a Proof of Intelligence (PoI) consensus mechanism, differentiating it from other models like Proof-of-Work and Proof-of-Stake. With a market capitalization of nearly $4 billion and a 24-hour trading volume of over $230k, TAO is the top AI-related cryptocurrency currently.
Despite the recent price drop, it may not be too late to invest in AI token Bittensor. The sector is expected to grow in the coming years once regulations around crypto and AI become clearer. The decrease in price could present an opportunity for new investors to buy in at a discounted rate ahead of a potential future rally. While the price of TAO has experienced volatility in the past few months, it has found strong support around $600 and is trading close to its all-time high of $757.60. However, the Relative Strength Index (RSI) for TAO is currently at 44 and falling, suggesting the possibility of further losses in the short term.
In addition to AI tokens like TAO, Solana meme coins are also gaining popularity in the blockchain space. These meme coins are seen as the cultural counterpart to the technological advancement represented by AI tokens. One notable Solana meme coin is Slothana ($SLOTH), which has attracted significant investment in a short period of time. The project aims to capture some of the early upside potential seen in other successful Solana meme tokens. With the team behind Slothana rumored to have also launched the successful Smog (SMOG) token, early investors are hopeful for similar success with Slothana.
Investing in Bittensor and other AI tokens carries risks, similar to all cryptocurrency investments. It is important for individuals to only invest what they can afford to lose in such high-risk asset classes. Bittensor’s Proof-of-Intelligence concept and decentralized AI-training model are seen as revolutionary features that set it apart from other tokens. Solana meme coins, including Slothana, represent an emerging sector that is gaining traction among traders. The clock is ticking for Slothana’s launch, and curious investors can participate in the presale by sending SOL to a specified address. As with any investment in the crypto space, potential investors should exercise caution and conduct thorough research before making investment decisions.
